Chainlink (LINK) Whales Accumulate LINK Coins for the Past 5 Weeks: Preparation for a Bullish Move?

• Chainlink has witnessed a significant surge following the Staking v0.2 update. Shedding light on recent developments, Swell Network integrated Chainlink CCIP for swift transactions.
• Chainlink’s market value has impressively grown by 143% in just five months. What’s even more noteworthy is its outstanding performance compared to Bitcoin.
• According to the announcement, the Staking v0.1 pool became inactive on November 28, 2023, and no longer issues rewards or secures Chainlink services.

There has been a substantial increase in the number of LINK holdings among Chainlink (LINK) wallets in recent weeks: What does this mean?

Accumulation Trend in LINK Holding Wallets

Chainlink has experienced a significant surge following the Staking v0.2 update. Shedding light on recent developments, Swell Network integrated Chainlink CCIP for swift transactions. Whales began accumulating LINK in response to this news, causing the Chainlink (LINK) price to rise by 8% in just two days.

According to on-chain data analysis platform Santiment, it’s strategically observed that the largest 200 wallets added an astonishing $50 million worth of LINK to their assets over the past five weeks.

Chainlink’s market value has impressively grown by 143% in just five months. What’s even more noteworthy is its outstanding performance compared to Bitcoin, indicating an impressive increase of 93%. This places Chainlink ahead of all other altcoins susceptible to whale accumulation.

Delving deeper, this significant market movement could be associated with the transition from Staking v0.1 to v0.2. According to the announcement, the Staking v0.1 pool became inactive on November 28, 2023, and no longer issues rewards or secures Chainlink services. LINK holders participating in v0.1 need to migrate their tokens to v0.2 according to the staking program. The v0.2 community pool is filled with 19,041,871 LINK tokens and has a limit of 40,875,000 LINK.

Will LINK Rise to $20?

As of the time of writing, the Chainlink (LINK) price was trading at $15.77, showing a 5.56% increase in the previous 24 hours and a 5.96% increase in the last 7 days. The 24-hour trading volume was $613 million, and the market cap was recorded at $8.7 billion.

The recent surge has also led to a significant increase in Chainlink’s Total Value Staked (TVS). TVS had dropped below $13 billion last month. However, at the beginning of December, TVS surpassed $16, indicating its exclusive connection to Staking and surpassing many DeFi protocols.

Concerns were raised with the monthly closing in November, but subsequent whale activity suggests that LINK’s price has a clear upward path in the coming days. If whale activity continues, and investors enter the market, LINK has the potential to break the $20 resistance level within this year.